Reducing Health Insurance Costs as a Business Owner

Reducing health insurance costs

If you have ever had a job that offers health benefits, you know how difficult it is to make plan changes mid-year. Fortunately, business owners have more flexibility with policy modifications. As a business owner, there are options to modify your health insurance policy mid-year, reducing health insurance costs. With a broker’s assistance, you can significantly reduce your overhead costs and help your employees save money on insurance premiums.

One of the hot topics in the complex world of health insurance is how insurance premiums are calculated. As an employer and business owner, you review your renewal rates each year for your company’s insurance policy. With the assistance of a broker, it is a good idea to compare your new rates to other policies. This can result in reducing health insurance costs for your company. Insurance companies dictate premiums each year for employer coverage. What most business owners don’t know is that sometimes insurance carriers will recalculate these premiums mid-year. They do this after your policy has already renewed.

When this happens, business owners miss the opportunity to choose coverage with lower premiums.

This is because it was unavailable during their company’s renewal period earlier in the year. Having a broker who understands the market can assess these premium trends. In addition, they can help you reduce overhead costs with a few simple contract changes.

As a business owner, you have control over your policy. If you want to reduce your overhead expenses and switch to a new insurance company mid-year, you can do so in most situations! Some insurance companies will even allow you to renew earlier than expected to take advantage of newly calculated monthly premiums at a lower rate.

If you are a business owner and want to save money on health insurance costs, give us a call today at (775) 828-1216. One of our licensed brokers will assess your options and assist you with your plan throughout the year, free of charge.